GPN : ISSN : The Export-Import Bank of the Republic of China. Annual Report 2012

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1 GPN : ISSN : The Export-Import Bank of the Republic of China Date Published : June 2013

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4 The Export-Import Bank of the Republic of China Vision Strengthen Trade Finance and Assist External Trade Supporting government economic and trade policies by providing financial services to assist manufacturers in developing foreign trade. Participating in international financial activities so as to enchance international economic cooperation. Participating in major domestic economic construction programs in order to facilitate industrial development and increase employment.

5 The Export-Import Bank of the Republic of China CONTENTS I Operating Performance Summary 3 II Business Report 4 1. Mission 4 2. Key Operation Strategies and Achievements 4 3. Credit Rating 11 III Bank Profile Profile Organization 13 IV Operations Overview Business Overview Market Overview Social Responsibility Prospects 21 V Financial Statements Balance Sheets Income Statements Statements of Cash Flows Statements of Changes in Equity Financial Analysis Capital Adequacy Notes to Financial Statements 30 VI Risk Management Credit Risk Management System and Capital Requirement Operational Risk Management System and Capital Requirement Market Risk Management System and Capital Requirement Liquidity Risk 62 VII Head Office and Branches 64

6 The Export-Import Bank of the Republic of China I Operating Performance Summary TWD Million I. Operating Performance Summary Year FY 2012 FY 2011 FY 2010 Total Operating Revenues 2,078 1,929 1,692 Total Operating Expenses 1,622 1,539 1,439 Net Income before Tax Profits per Employee before Tax Loans Outstanding (Average) 89,970 85,009 83,066 Guarantees Undertaken 9,796 8,349 7,012 Export Credit Insurance Underwritten 89,603 73,409 63,957 Total Assets 94,169 92,078 85,980 Net Worth 18,282 18,295 17,978 BIS Ratio (%) * The final accounts of FY 2012 are subject to audit. ** Eximbank's fiscal year runs from January 1 to December 31. 3

7 The Export-Import Bank of the Republic of China II Business Report 1. Mission The Export-Import Bank of the Republic of China (Eximbank) is a specialized financial institution owned by the Government. Its vision is to strengthen trade finance and assist external trade. Eximbank was founded with the aim to enhance employment and maintain domestic economic growth by coordinating government economic, trade and financial policies, facilitating financial and export credit insurance services, assisting local firms to expand foreign trade, and advancing international economic cooperation. Eximbank offers medium- and long-term financing and guarantee services to help local firms expand exports of capital goods, undertake overseas construction projects, impor t precision machinery and equipment and essential industrial raw materials, as well as introduce foreign technology into Taiwan. Meanwhile, Eximbank provides export credit insurance and overseas investment insurance to protect local exporters and investors against commercial and political risks. With Eximbank's services, local enterprises can expand external trade and overseas investments. 2. Key Operation Strategies and Achievements Eximbank's average loans outstanding in 2012 was TWD89,970 million, a year-on-year increase of 5.84%, and guarantees totaled TWD9,796 million, an increase of 17.33% from Meanwhile the export credit insurance underwritten by Eximbank was TWD89,603 million, a year-on-year growth of 22.06%. Below is a summary of key operation strategies and achievements for 2012: (1) S u p p o r t i n g Eco n o m i c a n d Tra d e Policies while Assisting Enterprises in Expanding Target and Emerging Markets 1 E x i m b a n k s u p p o r t s g o vernment economic and trade policies. Focusing on target markets determined by the Ministry of Economic Affairs, its export financing and insurance por tfolio provides exporters with the financial suppor t and ser vices to enhance t h e i r c o m p e t i t i v e n e s s. P r i m a r y target markets include Japan, Korea, Indonesia, Vietnam, India, Mainland 4

8 China (including Hong Kong), Brazil, Russia, Turkey, South Africa, the Middle East region, and Mexico. In 2012, Eximbank granted accumulated export financing of TWD5,500 million in these target markets, a year-on-year growth of 41%, while it underwrote export credit insurance of TWD40,283 million, an increase of 34.38% compared to II. Business Report ➁ E x i m b a n k e f f e c t u a t e s p r o g r a m s initiated by the Bureau of Foreign Trade in emerging markets. Through its export financing, relending, and export insurance, Eximbank's niche is to help Taiwanese enterprises enter emerging markets. In 2012 Eximbank's approved export loan to emerging markets accounted for 63.90% of the bank's total export loans amount. And 55.58% of the amount underwritten for Eximbank's export credit insurance went to emerging markets. Eximbank explores new business opportunities and helps locals firms expand into the emerging markets in Southeast Asia, Central and South America, East Europe, East Asia, and South Asia. Business area covers Brazil, Peru, Colombia, Mexico, Russia, Belarus, Poland, Slovenia, Croatia, Portugal, Tu r k e y, Cy p r u s, Pa k i s t a n, I n d i a, Bangladesh, Sri Lanka, Singapore, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. Eximbank helps enterprises compete for orders Chair of the Board of Directors / Yen Chrystal Shih in these countries and builds sales channels in emerging markets while diversifying the risks. ➂ To help Taiwanese enterprises promote exports, Eximbank develops Relending Facility business by cooperating with prestigious banks around the world. In 2012, the relending credit lines granted by Eximbank totaled USD495 million, including USD425 million in emerging markets. By the end of 2012, Eximbank approved USD512 million in total credit lines, with a growth of 27.20% compared to USD402 million in Eximbank cooperates with banks located in the Americas, Europe, Asia, and the Middle East to provide relending facilities in 22 emerging 5

9 The Export-Import Bank of the Republic of China markets, including Argentina, Brazil, C h i l e, t h e D o m i n i c a n R e p u b l i c, Honduras, Nicaragua, Peru, Belarus, Bulgaria, the Czech Republic, Russia, Slovakia, Turkey, Ukraine, Morocco, Israel, India, Indonesia, Mongolia, the Philippines, Thailand and Vietnam, as well as in the United States. During 2012, the number of cooperating banks increased from 48 to 54. (2) Strengthening Services and Assisting SMEs in Expanding Export Markets The majority of Taiwan's enterprises are SMEs. To help these companies determine the creditworthiness of potential foreign buyers and obtain insurance covers, Eximbank has cooperated with more than 30 international credit agencies over the years and widely promotes its customized credit insurance policy-globalsure. According to the practical needs of enterprises, Globalsure assists enterprises in managing risks of their accounts receivables, so as to avoid the bad debt risks associated with international trade. Out of all insurance clients, SMEs accounted for 80.37% in 2012 and the amount underwritten was T WD25,033 million, an increase of 9.25% compared to To increase financing to SMEs, Eximbank also conducted the "Program to Encourage Lending by Domestic Banks to SMEs. " The average balance of loans granted to SMEs in 2012 was TWD6,400 million. (3) Cooperating with Domestic Trade Organizations to Promote Export Trade To h e l p d o m e s t i c e n t e r p r i s e s e x p a n d exports and to improve cooperation with trade organizations, Eximbank renewed a cooperation agreement with Taiwan External Trade Development Council (TAITRA) on March 30, The two organizations hold business promotion activities together, and Eximbank also partook in important TAITRA exhibitions to introduce its business. The agreement also called for greater exchanges and cooperation between the two organizations, including building mechanisms for the exchange President / Rueen-Fong Chu of business data, so trade and financial information can be shared. By signing and 6

10 II. Business Report Finance Minister Chang Sheng-Ford (4th right) presented the 2012 award for Excellent performance by financial institutions in export insurance referral. (January 28, 2013) fulfilling this agreement, the two parties can work closely together to provide enterprises with information to expand exports, resulting in increasing their competitive advantages, expanding overseas markets, providing more business opportunities and thereby accelerating Taiwan's economic development. (4) Cooperating with Foreign Expor t Credit Agencies to Expand Markets for Taiwan Enterprises To bolster cooperation with foreign export credit agencies, Eximbank participates vividly in activities held by Berne Union, a global association for export credit and investment insurance. In 2012 Eximbank attended the Spring Meeting in April, the RCG CEO Meeting in July, and the Annual General Meeting in October. Eximbank also took part in various training and discussion activities. Topics include: short, medium, and long-term export insurance trends; foreign investment insurance trends; outlooks for European and Asian economies; development of the European debt crisis; analysis of the situation in the Middle East; Basel III; fundraising; and the condition of major industries. These activities and events let Eximbank communicate with and learn from foreign export credit agencies. In 2012, Yen Chrystal Shih, Chair of the Board of Directors, signed cooperation memoranda with Mr. D. P. Mendis P.C., Chair of the Board of Directors at the Sri Lanka Export Credit Insurance Corporation (SLECIC), and Mr. Yong Hwan Kim, Chair of the Board of Directors and President of the Export-Import Bank of Korea (EXIM of Korea). The Chair of Eximbank also signed reinsurance contracts with Mr. Zaafril Razief Amir, President of the Indonesia Export Credit Agency (ASEI), and Ms. Karin Apelman, President of the Swedish Export Credits Guarantee Board (EKN). 7

11 The Export-Import Bank of the Republic of China By the end of 2012, Eximbank had signed cooperation agreements or reinsurance contracts with official expor t insurance organizations around the world, including: Poland, the Czech Republic, Hungary, Slovak Republic, Turkey, Thailand, Indonesia, Japan, Malaysia, Belarus, South Korea, Israel, Mainland China, Sweden and Sri Lanka. By working with these credit and insurance agencies, Eximbank obtains adequate information which can help Taiwan enterprises expand their overseas markets. (5) U s i n g R e i n s u r a n c e t o E n h a n c e E x i m b a n k ' s E x p o r t I n s u r a n c e Underwriting Capacity To increase under writing per formance and improve the basis of export insurance operations, Eximbank re-signed a reinsurance contract with Central Reinsurance Corporation in The agreement transferred some of the risks to the Corporation, thereby raising Eximbank's insurance underwriting capacity and allowing its export insurance to continue to grow. Eximbank also expanded r e i n s u r a n c e c o o p e r a t i o n b y s i g n i n g reinsurance agreements with Nippon Export and Investment Insurance (NEXI), the Indonesia Export Credit Agency (ASEI), and the Swedish Export Credits Guarantee Board (EKN). (6) Promoting Export Insurance with Domestic Commercial Banks To introduce the advantages of expor t i n s u r a n ce a n d a d vocate p a r t n e r s h i p s, Eximbank held islandwide seminars that focused on cooperation with commercial banks to boost exports together. By the end of 2012 Eximbank had signed cooperation agreements of promoting export insurance with 8 government banks, 1 foreign bank and 13 private banks. The branches of these Finance Minister Chang Sheng-Ford (left) honored Eximbank after it received a first-rate evaluation in the Executive Yuan's 2011 performance evaluations. (November 27, 2012) 8

12 banks could then promote Eximbank's services throughout the country. In 2012, the underwritten cases referred by these banks grew by % compared to (7) Actively Participating in International Syndicated Loans to Expand Business Outreach and Enhance International Financial Cooperation Eximbank participates actively in international syndicated loans to strengthen business ties with international financial institutions, expanding its business scope and niche. At the end of 2012, the outstanding amount of syndicated loans participated by Eximbank reached USD286 million, equivalent to TWD8,297 million, with borrowers covering more than 30 financial organizations. The loans originated in nearly 20 countries located in Asia, Central and South America, Africa, and the Middle East. (8) Amending Internal Regulations to Streamline Workflow and Improve Service ➀ In light of changes of the financial environment, Eximbank revised its guidelines of short-term export loans and guarantees as well as principles for loan pricing in It also enacted new principles for enhancing export loans and principles for measuring the amount of the impairment loss relating to loans and receivables. The adjustments let Eximbank meet client's satisfaction while providing flexibility suited to market conditions. ➁ Eximbank adjusted its guidelines for under writing ex ternal trade, the authority granted to super visors at each level for approving export i n s u r a n c e c a s e s, a s w e l l a s t h e p r o c e d u r e s a n d s t a n d a r d s f o r establishing credit limits of buyers or issuing banks. It also established guidelines for purchasing expor t insurance. Besides letting Eximbank r e s p o n d t o g l o b a l i z a t i o n i n t h e international trade market while raising efficiency and service quality, these changes allowed it to meet the requirements of the Financial Consumer Protection Act. ➂ E x i m b a n k e x a m i n e d e a c h o f i t s export insurance regulations, built an information-based work environment, and simplified work processes and application forms. It also provided clients with a fast and convenient online platform to raise service quality and to expand the scope of business. (9) Strengthening Country, Financial, and Industrial Risk Management Due to the Eurozone crisis and the sluggish US economy, global economic growth was lackluster in This led to unprecedented actions by the central banks around the world. Several developed countries launched II. Business Report 9

13 The Export-Import Bank of the Republic of China quantitative easing programs on a scale never seen before as a means of stimulating their economies. One result was increasing of fluctuations in international financial markets. Also, major elections and changes in governments occurred worldwide in 2012, which led to new country risk variables. Facing such circumstances, Eximbank continued to strengthen its analysis and monitoring of country risk and financial risk in the areas it operates. Eximbank paid particularly close attention to changes in high-risk areas such as the Middle East and North Africa, and highdebt European nations. Risk analysis reports were compiled and presented to executives on a monthly basis. For industry risk, Eximbank c o n t i n u e d t o s t rengthen a n a l y s i s a n d monitoring of risks associated with the DRAM, TFT-LCD, LED, and solar energy industries. It also revised guidelines for both country risk and industry risk. The revision would improve risk diversification and management. (10) Training Finance Professionals to Raise Capability ➀ E x i m b a n k e s t a b l i s h e d a n a n n u a l training plan for employees as an on-job training. By actively training finance professionals, it strengthened execution capabilities. Employees attended meetings held by professional financial research training organizations and Eximbank's own theme -based training courses lectured by experts a n d s c h o l a r s. I n E x i m b a n k hosted 25 speeches on specialized and regulator y topics along with 13 seminars. By taking a proactive approach to strengthen employees' professional knowledge, Eximbank wishes to satisfy new needs arising from business development. ➁ Eximbank also encourages employees to take research and study activities h e l d b y i n t e r n a t i o n a l i n s u r a n c e organizations or export credit groups. Eight trips were made by employees for this purpose in 2012, as to gain and bring back new experiences. Employees also made 24 trips to international finance or insurance meetings, and visits to foreign export credit organizations. These trips resulte d in valuable information sharing related to international finance and insurance business, enabling Eximbank to improve its business quality and effectiveness. (11) Simplifying Case Procedures and Adjusting the Personnel Structure Eximbank offered early retirement incentives in 2012 aimed at middle to upper-rank employees. The program intended to improve performance, better deploy workers, and lower personnel costs. Employees who retired under this program were replaced by young staff of 10

14 II. Business Report Yen Chrystal Shih, Chair of the Board of Directors, hosted the July board meeting. (July 20, 2012) new generations. Other benefits were lowering the average age and improving a top-heavy employment structure. 3. Credit Rating (1) Fitch Ratings affirmed Eximbank's credit rating as the same of the year 2011 in November 2012, which was the highest IDR Rating among all banks in Taiwan. As a 100% state-owned bank, Eximbank's IDR rating is aligned with Taiwan's sovereign rating showing Eximbank's excellent credit and high capability of honoring its debts. Fitch's rating will help Eximbank raise additional credit lines and lower funding costs, letting it provide more competitive interest rates and services to clients. (2) Fitch announced its ratings for Eximbank on November 16, 2012: The long-term foreign currency issuer default rating (IDR) was A+; outlook stable The short-term foreign currency IDR was F1 T h e n a t i o n a l l o n g - t e r m r a t i n g w a s AAA(twn); outlook stable The n ational s h o r t-term rating was F1+(twn) The support rating was 1 11

15 The Export-Import Bank of the Republic of China III Bank Profile 1. Profile Eximbank was established on January 11, 1979, under the Statute of the Export-Import Bank of the Republic of China Act. It is a stateowned bank supervised by the Ministry of Finance. Its mission is to promote export trade and develop the economy while its vision is to strengthen trade finance and assist external trade. Eximbank's main objective is to support government economic and trade policies by providing financing, guarantees as well as export credit insurance to help enterprises expand external trade and overseas investments. Eximbank also engages in international cooperation to ensure the steady and continuous development of Taiwan's economy. To assist exporters, Eximbank provides export financing facilities and export credit insurance. For better services, it has established three domestic branches in Kaohsiung, Taichung and Hsinchu. 12

16 2. Organization (1) Organization Chart III. Bank Profile General Auditor Auditing Office Department of Loan and Guarantee Credit Committee Department of Export Insurance Kaohsiung Branch Department of Finance Board of Directors Chair of the Board President Executive Vice Presidents Department of Administrative Management Department of Risk Management Taichung Branch Department of Accounting Board of Supervisors Export Insurance Committee Personnel Office Hsinchu Branch Resident Supervisor Ethics Office Information Management Section Offshore Banking Branch Legal Affairs Section 13

17 The Export-Import Bank of the Republic of China (2) Board of Directors and Supervisors Chair of the Board of Directors Yen Chrystal Shih Managing Director Rueen-Fong Chu Managing Director Hau-Min Chu Director Chun-Fu Chang Director Sun-Yuan Lin Director Ting-Chieh Wang Director Hsin-Chung Chen Resident supervisor Dun-Jin Luh Supervisor Yu-Jer Sheu Supervisor Hui-Mei Chen 14

18 Board of Directors Board of Supervisors Yen Chrystal Shih Chair of the Board of Directors Dun-Jin Luh Resident Supervisor Rueen-Fong Chu Managing Director Yu-Jer Sheu Supervisor Hau-Min Chu Managing Director Hui-Mei Chen Supervisor Chun-Fu Chang Director Sun-Yuan Lin Director Ting-Chieh Wang Director III. Bank Profile Hsin-Chung Chen Director (3) Principal Managers and General Auditor Name Title Rueen-Fong Chu Shui-Yung Lin Song-Bin Huang Hwa-Yu Mo Pei-Jean Liu Chin-Huo Tsai Liao Cheng-Tsung Fu-Sheng Huang Ih-Li Peng J.S.Chen Yu-Huai Wang Tung-Meng Lin Wu Hsueh Hsun President Executive Vice President Executive Vice President (Senior Officer of Regulatory Compliance) General Auditor Advisor (Senior Officer of Information Management Section and Legal Affairs Section) Senior Vice President and General Manager Department of Loan and Guarantee Senior Vice President and General Manager Department of Export Insurance Senior Vice President and General Manager Department of Finance and Offshore Banking Branch Senior Vice President and General Manager Department of Risk Management Senior Vice President and General Manager Department of Administrative Management Senior Vice President and General Manager Department of Accounting Senior Vice President and General Manager Personnel Office Senior Vice President and General Manager Ethics Office 15

19 The Export-Import Bank of the Republic of China Executive Vice President President Chair of the Board of Directors Executive Vice President General Auditor Song-Bin Huang Rueen-Fong Chu Yen Chrystal Shih Shui-Yung Lin Hwa-Yu Mo 16

20 101 年 年 報 IV Operations Overview 1. Business Overview (1) Loans Eximbank offers medium and long-term export credits, general export credits, short-term export credits, medium and long-term import credits, overseas investment credits, overseas construction credits, shipbuilding credits, international syndicated loans, relending facilities and major public construction credits. In 2012, Eximbank granted an average balance of TWD89,970 million in loans, a year-on-year increase of 5.84%. Eximbank's loan portfolio mainly consists of medium and long-term loans. In 2012, the average balance of these loans totaled TWD 82,136 million, accounting for % of total loans. (2) Guarantees G u a r a n t e e s e r v i c e s i n c l u d e o v e r s e a s construction guarantees, import guarantees, export guarantees, domestic major public construction and infrastructure project guarantees, and shipbuilding guarantees. In 2012, guarantees totaled TWD9,796 million, a year-on-year increase of 17.33%. Eximbank's guarantees are mainly composed of domestic major public construction guarantees and import guarantees, which accounted for 48.65% and 40.93% of total guarantees, respectively. (3) Export Credit Insurance Eximbank's export credit insurance includes comprehensive expor t credit insurance f o r d o c u m e n t a g a i n s t p a y m e n t ( D / P ) and document against acceptance (D/A) transactions, comprehensive export credit insurance for open account (O/A) transactions, safety export credit insurance for small and medium enterprises, GlobalSure Credit Insurance, export credit insurance for letter of credit (L/C) transactions, medium and long-term deferred payment insurance, overseas investment insurance, and overseas construction credit insurance. Export credit insurance underwritten in 2012 totaled TWD89,603 million, a year-on-year increase of 22.06%. IV. Operations Overview 17

21 The Export-Import Bank of the Republic of China 2. Market Overview (1) D o m e s t i c a n d G l o b a l F i n a n c i a l Conditions 2012 was a period of turmoil for the global financial environment. At the beginning of the year the Eurozone crisis spread from Greece, Spain to Italy, severely affecting the financial systems in the Eurozone. The turmoil was reflected in financial markets. Austerity, high unemployment, and a slowdown in external demand contributed to a second round of economic contraction in the Eurozone. S everal fac tors contributed to the IMF projection of 2012 global economic growth to 3.2%, lower than that of 2011 and well below the forecast of 3.9% the Fund had made in It was the second straight year that growth slowed. These factors included: (1) Negative effects of the Eurozone crisis continued to expand, (2) The U.S. economy showed a weak recovery due to the threat of fiscal cliff and (3) The rate of growth in emerging economies slowed. Crude oil supplies were affected by the U.S.- led sanctions against Iran. But weak demand attributed to the sluggish world economy limited the impact of the sanctions on oil prices, which remained stable though relatively high. Extreme weather conditions continued to disrupt global foodstuffs supplies, causing sharp price fluctuations, but overall inflation eased relative to In terms of monetary policy, the European Union, the United States and Japan undertook quantitative easing measures. At the beginning of September,the European Central Bank announced the Outright Monetary Transactions Yen Chrystal Shih, Chair of the Board of Directors, and Mr. Yong Hwan Kim, Chair of the Board of Directors and President of the Export-Import Bank of Korea, signed a cooperation memorandum. (September 6, 2012) 18

22 to directly purchase sovereign bonds of five European peripheral countries. In the United States, the Federal Reserve undertook a third and fourth round of quantitative easing in September and December, respectively. They imposed no limit on monetary easing, flooding markets with cash, some of which ended up in Asian emerging markets. And the Bank of Japan joined the quantitative easing process on five occasions in 2012, primarily relying on asset purchases that contributed to a 12.55% depreciation in the yen in In December, Shinzo Abe took over as prime minister and pledged to weaken the yen further to boost exports and stimulate the economy. Interest rates were dropped to record lows in major countries in 2008 as a response to the global financial crisis. Before they could be raised, the Eurozone crisis exploded on the scene. Despite a lack of significant improvements in the economy or employment of advanced nations in the European Union and the United States, there was little space to drop interest rates further. Among the few central banks to lower rates in 2012, two of the most representative were those in the European Union and mainland China. The former dropped its main rates by 25 basis points in July, and the latter cut rates in June and July. The United States maintained the federal funds rate at between zero and 0.25% while Japan kept its main rates between 0 and 0.1%. Our financial environment was affected by outside factors, such as the prolonged Eurozone crisis, the weak recovery in the United States, and the slowdown of the economy in mainland China. These factors severely affected export growth, causing economic growth in 2012 to be just 1.32%. CPI inflation rate, however, remained relatively stable, prompting our Central Bank to keep interest rates unchanged. Its discount rate, rate on accommodations with collateral, and rate on accommodations without collateral remained at 1.875%, 2.25%, and 4.125%, respectively. As for the exchange rate, international capital inflow put pressure on the New Taiwan Dollar (TWD) to appreciate. With the weak export performance, the Central Bank maintained a dynamic stability. The TWD appreciated by 4.2% in 2012, from against the greenback at the end of 2011 to at the end of (2) Credit Market Overview The world economy remained weak in 2012, dragged down by expansion of the European debt crisis, slower growth in Mainland China, and the dangers of the fiscal cliff in the United States. In Taiwan, global economic trends hurt external trade over the first half of the year. But until September, the global economy showed signs of stability. Taiwan's external trade, industrial production and export orders IV. Operations Overview 19

23 The Export-Import Bank of the Republic of China improved. Among Taiwan's business indicators, the overall monitoring indicator switched from yellow-blue to green in December, showing that the economy had been on the way to be stable. Slower global economic growth led to many uncertainties in international financial markets as well as a lukewarm domestic recovery. These factors, together with easing inflationary pressure, led ROC Central Bank to announce in every quarter of 2012 that it would remain interest rates unchanged. The stable and low market interest rates eased financing restrictions, leading to fierce competition in the credit industry. In this climate, Eximbank continued to stimulate and strengthen export loans, a goal of the Gold Dragon Sub-project contained within the Ministry of Economic Affairs' Soaring Dragon Plan. It assisted government p r o m o t i o n o f m a j o r d o m e s t i c p u b l i c construction and infrastructure projects. And it strengthened export credits, major public construction credits, medium and long-term import credits, overseas investment credits, and loans for international enterprises. In 2012 its credit and guarantee businesses grew by 5.84% and 17.34%, respectively. (3) E x p o r t C r e d i t I n s u ra n ce M a r ke t Overview Based on statistics from customs, Taiwan's external trade was USD billion in The total export value was USD billion and the total import value was USD billion. Trade surplus reached USD billion. Export orders showed that Taiwan maintained close relationships with its major trading partners. About 84.5% of all exports went to five countries/regions: Mainland China (including Hong Kong), Association of Southeast Asian Nations (ASEAN) countries, the United States, Europe and Japan, with 26.8% going to Mainland China. The top two regions for Eximbank's export insurance underwriting business in 2012 were Asia and Europe. Underwriting grew rapidly in Asia, with growth of 39.66% compared to Included was 82.61% underwriting growth to Mainland China compared to The data shows that Eximbank's insurance business was in line with Taiwan's trade development. By assisting enterprises to mitigate trade risks, Eximbank helped them expand emerging markets, achieving Taiwan's goals of deeper cultivation with global strategies. 3. Social Responsibility (1) Environmental Awareness of Saving Energy and Reducing Carbon In accordance with governmen's energysaving, carbon reduction and green purchasing policies, Eximbank launched a special project to save electricity, gas, water and paper. To use ever possible means, Eximbank's energy-saving 20

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